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  • Service: Audit, IFRS
  • Type: Business and industry issue
  • Date: 5/7/2014

Business combination accounting for interests in a joint operation (2014/07) 

There has long been a question, particularly in the energy and natural resources sector, over whether IFRS 3 Business Combinations applies when an entity acquires an interest in a joint operation that meets that standard’s definition of a business. In response to the diversity in practice, on 6 May 2014 the IASB issued Accounting for Acquisitions of Interests in Joint Operations (Amendments to IFRS 11).
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